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Tax Account

Former Member
0 Kudos

Why we use 'Down Payment Tax Offset Acct' in G/L Account determinisation.

Accepted Solutions (1)

Accepted Solutions (1)

jitin_chawla
Advisor
Advisor
0 Kudos

Hi,

Purchase tab

Down Payment Tax Offset Acct Select a default G/L account to use when creating an outgoing payment based on an A/P down payment request.

Sales tab

Down Payment Tax Offset Acct Select the G/L account to use when creating an incoming payment based on an A/R down payment request.

Regards,

Jitin

Former Member
0 Kudos

Hi,

The DownPayment is received before completion of work which cannot be accounted as our revenue which is our liability towards customer.

when the work is completed we can withdraw the amount from liability to revenue.

vise versa with purchase.

Regards,

Sandeep

Answers (0)